High sulfur bunker fuel prices in Panama were assessed Wednesday at a $2/mt discount to Houston, the lowest level since August 30, 2012, when Panama was at a discount of $2.50/mt, according to Platts data.

Panama has averaged at a $19/mt premium to Houston this year, according to Platts data.

Platts assessed IFO 380 CST grade in the Panamanian ports of Balboa and Cristobal at $618.50/mt ex-wharf, down $1.50/mt from Tuesday, based on lower price indications from market sources despite a rise in Brent futures.

The front-month Brent crude contract was assessed at $110.69/b at 3:15 p.m. EDT, up $2.86/b, an equivalent rise of $18.16/mt.

Market sources said bunker suppliers in Panama were offering at lower levels, even though some sources have said supplies were tight in recent weeks due to resupply activity and traffic congestion at both ports. Platts assessed Houston IFO 380 CST at $620.50/mt ex-wharf on Wednesday, an increase of $11.50/mt, as a result of tight supplies and higher crude prices.